What is CAFMV?

What is CAFMV?

The Commissioner’s Adjusted Fair Market Value (CAFMV) is the estimate of the fair market value of the mortgaged property, less adjustments, which may include without limitation, HUD’s estimate of holding costs and resale costs that would be incurred if title to the mortgaged property is conveyed to HUD.

What is a CWCOT property?

CWCOT is a claim option through which mortgagees may submit claims for payment of insurance benefits following the sale of property to a third party at the foreclosure of an FHA-insured mortgage or through a second chance sale.

What is Surchargeable damage?

Surchargeable Damage – Damage to the property due to fire, flood, earthquake, hurricane, tornado or other natural disaster. This includes mortgages insured on or after January 1, 1977 due to mortgagee failure to inspect or take reasonable action to preserve and protect vacant or abandoned properties.

What is FHA conveyance?

The date of conveyance is the date the mortgagee actually transfers the property to HUD. In contrast, the Conveyance Timeframe relates to the amount of time mortgagees are allotted to convey properties to HUD. Properties routinely have conveyance dates outside the Conveyance Timeframe.

How long does an accident stay on your record Massachusetts?

Driving record points for out-of-state tickets and accidents? Yep, you could still get points for incidents that occur out of state. These can stay on your driving record for six years. Not every car insurance company will request your out of state riving record, but best to be prepared for this reality.

How long does a surcharge stay on your insurance?

How Long Does a Surcharge Affect My Car Insurance Rates? The length of a surcharge for a car accident depends on your state and insurance company, but will typically last three to five years.

What is a HUD curtailment?

Curtailment of Interest. (24 CFR 203.402 (k)) HUD regulations require the mortgagee to take certain actions within specified time periods. If these time requirements are not met, debenture interest allowance will be curtailed. The only exception is when an extension of time has been approved by HUD in writing.

What is considered a major accident in MA?

A major at-fault accident results in a claim payment of more than $5000 for damage to someone else’s property, collision, limited collision, or bodily injury to others.

How much will my insurance go up after an accident Massachusetts?

Car insurance rates go up 31%, on average, after one at-fault accident with more than $2,000 in damage, or by $450 a year, CarInsurance.com rate data show….Average car insurance rate increases for one at-fault accident in every state.

How do surcharges work?

A surcharge is an additional charge, tax, or payment that a company adds to the already existent cost of a good or service. Many industries, including travel, telecom, and cable, will add surcharges to offset the cost of higher prices, such as fuel, or regulatory fees imposed by the government.

What happens if you don’t pay a surcharge?

If they can’t pay the surcharge, they can’t keep their license. Many have to drive to make a living, and they are going to do it whether they have a license or not. The result is that you have a lot of unlicensed – and uninsured – drivers running around. You can also get your license back while you are making payments.

Is Massachusetts a no-fault car accident state?

Massachusetts is a no-fault state which means no matter who causes the accident, PIP will pay these expenses for you or anyone you let drive your car, anyone living in your household, passengers in your vehicle and pedestrians.

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